CFA 2026: Eligibility, Levels, Exam Dates, Fees, Syllabus, Top Coaching & Career Options

The Chartered Financial Analyst (CFA®) designation is one of the most prestigious and globally recognized professional certifications in the finance and investment industry. Offered by the CFA Institute (USA), the CFA program equips candidates with advanced skills in investment analysis, portfolio management, ethics, and financial decision-making. Recognized in over 170 countries, it is considered the gold standard for roles in asset management, equity research, investment banking, and risk management.

With India’s growing financial sector, including booming stock markets, mutual funds, and foreign investments, over 32,000 Indian candidates registered for CFA exams in recent years, making India one of the top markets globally. The program consists of three sequential levels, requiring self-study (typically 300+ hours per level), exams, and 4,000 hours of relevant work experience to earn the charter. This comprehensive guide for 2026 covers everything from eligibility to career prospects, based on official CFA Institute data and industry insights.

CFA Course: Key Highlights

Aspect	Details
Full Form	Chartered Financial Analyst
Duration	2-4 years (self-paced; average 3-4 years to complete all levels + experience)
Levels	Three (Level I, II, III)
Regulatory Body	CFA Institute (USA)
Exam Frequency	Level I: 4 times/year; Level II: 3 times/year; Level III: 2 times/year
Exam Mode	Computer-based
Total Cost (Approx.)	USD 3,520–4,600 (INR 3-4 lakh+) for all levels (early registration) + coaching
Average Starting Salary	INR 6-15 LPA (post-Level I/II); INR 20-40+ LPA (charterholders)
Work Experience Req.	4,000 hours (over min. 36 months) in investment decision-making
Global Recognition	Employers like JPMorgan, Goldman Sachs, BlackRock, HSBC

Eligibility Criteria for CFA

To register for the CFA Level I exam, candidates must meet one of the following requirements:

• Hold a bachelor’s degree (or equivalent) from an accredited institution.
• Be in the final year of a bachelor’s degree program (exam results can be pending, but degree completion is required before registering for Level II).
• Have four years of qualified professional work experience (full-time, not necessarily investment-related).
• Have a combination of professional work experience and higher education that totals at least four years.

Additionally, all candidates must possess a valid international travel passport for identification purposes during registration and at the exam center.

There is no age limit, and these criteria apply globally.

Criteria	Details
Educational Qualification	Bachelor’s degree (or equivalent) or final-year student. Alternatively, 4,000 hours of professional work experience plus 2,000 hours of higher education
Work Experience for Exams	Not required to start or appear for CFA exams
Work Experience for Charter	4,000 hours of relevant professional experience completed over a minimum of 36 months
When Experience Can Be Gained	Before, during, or after clearing CFA exams
Other Requirements	Valid international passport and agreement to CFA Institute’s Code of Ethics and Professional Conduct
Age Limit	No minimum or maximum age restriction
Number of Attempts	Unlimited attempts, but CFA Levels must be cleared sequentially (Level I → II → III)

Requirements for Earning the CFA Charter

Beyond passing all three exam levels, to become a CFA charterholder and use the designation, candidates must fulfill these additional requirements:

• Accumulate 4,000 hours of qualified professional work experience in the investment decision-making process (or producing work that directly supports it). This experience must span a minimum of 36 months and can be gained full-time, part-time, or remotely—before, during, or after the CFA Program.
• Submit 2-3 professional references as part of the membership application.
• Apply for and obtain regular membership in the CFA Institute, which includes adherence to the Code of Ethics and Standards of Professional Conduct.

Work experience is evaluated based on involvement in evaluating or applying financial, economic, or statistical data for investment decisions; supervising such activities; or teaching related subjects.

No reservations or relaxations; uniform globally.

CFA Levels and Specializations

The Chartered Financial Analyst (CFA) Program consists of three sequential exam levels: Level I, Level II, and Level III. Each level builds progressively on the previous one, testing increasing complexity in investment analysis, valuation, and portfolio management. Candidates typically require 300+ hours of study per level, and the program often takes 2-4 years to complete.

All levels are computer-based exams conducted at test centers worldwide. Each level also requires completion of a Practical Skills Module (PSM)—a 10-20 hour online training in areas like Python programming, data science, or analyst skills—to develop real-world application abilities.

Level I: Investment Tools and Foundations

• Focus: Introduces basic knowledge of investment valuation tools, ethical standards, and core concepts across 10 topic areas.
• Exam Format: 180 multiple-choice questions (standalone, not grouped).
• Structure: Two sessions of 2 hours 15 minutes each (total 4.5 hours), with an optional break.
• Frequency: Offered four times a year (February, May, August, November).
• Key Skills Tested: Knowledge and comprehension of fundamentals, such as quantitative methods, economics, financial statement analysis, and ethics.

Level II: Asset Valuation and Application

• Focus: Emphasizes application of tools to asset valuation, with deeper analysis in equities, fixed income, derivatives, and alternatives.
• Exam Format: 88 multiple-choice questions organized into 22 vignette-based item sets (each vignette followed by 4 questions).
• Structure: Two sessions of approximately 2 hours 12 minutes each (total about 4.5 hours).
• Frequency: Offered three times a year (May, August, November).
• Key Skills Tested: Analysis and valuation; candidates must apply concepts to scenarios.

Level III: Portfolio Management and Wealth Planning

• Focus: Centers on synthesis of knowledge for portfolio management, wealth planning, and decision-making. The highest weight (35-40%) is on portfolio management.
• Exam Format: Combination of constructed response (essay-type) questions and vignette-based item sets.
  • Typically 11 item sets and 11 essay sets (scored portions only).
• Structure: Two sessions totaling about 4.5 hours.
• Frequency: Offered twice a year (February and August).
• Key Skills Tested: Synthesis, judgment, and communication of recommendations.

Specializations in the CFA Program

The core CFA Program does not offer specializations at Levels I or II—all candidates follow the same curriculum. However, starting from 2025, Level III introduces Specialized Pathways to tailor the curriculum toward specific buy-side career tracks.

After passing Level II, candidates select one of three pathways. All pathways share a common core (e.g., asset allocation, portfolio construction, ethics), but include specialized readings:

Portfolio Management Pathway (traditional/default):

• • Focuses broadly on institutional portfolio management, trading, performance evaluation, and risk management.
  • Suitable for roles in asset management, hedge funds, or pension funds.

Private Wealth Pathway:

• • Tailored for high-net-worth (HNW) client management (clients with US$5M+ assets).
  • Covers family governance, philanthropy, wealth transfer, behavioral finance, and serving specialized clients (e.g., executives, athletes).
  • Ideal for private banking, family offices, or wealth advisory roles.

Private Markets Pathway:

• • Emphasizes private equity, private debt, real estate, and infrastructure from the General Partner (GP) perspective.
  • Includes valuation in illiquid assets, due diligence, and private markets workflows.
  • Suited for private equity firms, venture capital, or alternative investment roles.

CFA Syllabus

The CFA Program curriculum is updated annually by the CFA Institute to reflect evolving industry practices. As of 2026, the syllabus spans 10 core topic areas across all three levels, with the emphasis shifting progressively:

• Level I: Focuses on foundational knowledge and comprehension of investment tools, concepts, and ethical standards.
• Level II: Emphasizes asset valuation, application of tools, and analysis in real-world scenarios.
• Level III: Centers on portfolio management, wealth planning, and synthesis of knowledge, with specialized pathways introduced since 2025.

The curriculum is delivered through Learning Modules (LMs) in the CFA Institute Learning Ecosystem. Each level requires completion of a Practical Skills Module (PSM) (10-20 hours) in areas like financial modeling or Python for finance.

There are no major changes to the topic structure or weights for Levels I and II in 2026 compared to 2025. Level III pathways remain unchanged.

CFA Level	Subjects / Topics Covered	Key Focus Areas
Level I	Ethics & Professional Standards, Quantitative Methods, Economics, Financial Reporting & Analysis, Corporate Finance, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management	Basic concepts, tools, and terminology used in investment analysis and ethical foundations
Level II	Ethics & Professional Standards, Quantitative Methods, Economics, Financial Reporting & Analysis, Corporate Finance, Equity Valuation, Fixed Income Analysis, Derivatives, Alternative Investments, Portfolio Management	Asset valuation, application of concepts to real-world scenarios, financial modeling, complex problem-solving
Level III	Ethics & Professional Standards, Behavioral Finance, Private Wealth Management, Portfolio Management, Risk Management, Equity & Fixed Income Portfolio Strategies, Derivatives, Alternative Investments	Portfolio management, wealth planning, risk assessment, and integrating ethics into investment decision-making

Topic-wise Weightage by Level (2026)

The exam weights are provided in ranges. Ethics receives the highest weight at Level I, while Portfolio Management dominates at Level III.

Admission Process for CFA

The CFA Program has a straightforward, self-paced admission process managed entirely online by the CFA Institute. There is no centralized entrance exam or application beyond meeting eligibility criteria and registering for a specific exam level and window. Registration grants access to the curriculum, study tools, and the exam.

As of exams starting February 2026, the one-time program enrollment fee of USD 350 has been eliminated for new candidates. Fees now consist only of the per-level registration fee, which varies by early or standard registration.

Step-by-Step Registration Process

1. Verify Eligibility Before registering, ensure you meet the CFA Program entrance requirements (detailed on cfainstitute.org/programs/cfa/register). You must have a valid international travel passport (required for identity verification at the test center).
2. Create a CFA Institute Account Visit cfainstitute.org and create an account using a valid email address if you are a new candidate.
3. Select Exam Level and Window Choose the desired level (Level I, II, or III) and exam window (e.g., February, May, August, or November for Level I). Registration windows open approximately 9-11 months in advance.
4. Complete Registration and Payment Provide personal details, professional information, and agree to the CFA Institute Code of Ethics and Standards of Professional Conduct. Pay the registration fee online (in USD; local taxes may apply). Early registration offers a lower fee (typically saves USD 350 per level).
5. Access Curriculum and Study Tools Upon successful payment, gain immediate access to the digital curriculum via the Learning Ecosystem, practice questions, mock exams, and the required Practical Skills Module.
6. Schedule Your Exam Appointment After registration, log into your CFA Institute account and use the “Schedule Your Exam” link, which redirects to the Prometric ProScheduler tool. Select a test center, date, and time within the exam window. Scheduling deadlines are typically several months after registration closes—do this early for preferred slots, as availability is limited.

Exam Windows and Frequency (2026)

• Level I: February, May, August, November
• Level II: May, August, November
• Level III: February, August

Exact dates and deadlines vary by window; use the interactive tool at cfainstitute.org/programs/cfa/dates-fees for current details.

Registration Fees (2026 Exams)

Fees are per level and the same across levels:

Total cost for all three levels: USD 3,420 (all early) to USD 4,470 (all standard). Fees include digital curriculum access.

Additional Policies

• Rescheduling: Within the same exam window, reschedule via your account for a USD 250 fee (subject to availability).
• Deferral: To move to a future window, follow the CFA Program Deferral Policy (limited options, fees may apply).
• Scholarships: Options like the Access Scholarship reduce fees significantly for eligible candidates—apply separately before registering.
• Test Centers: Exams are computer-based at Prometric centers worldwide.

CFA Vs Other Course

The CFA program stands out for its deep focus on investment analysis, portfolio management, and ethical standards, making it ideal for careers in asset management, equity research, and investment banking. Below is a detailed comparison with other prominent finance qualifications relevant in the Indian context.

CFA offers superior depth in investments compared to broader programs like MBA or accounting-focused ones like CA/CPA. In India, CA often provides stronger domestic opportunities in auditing and taxation, while CFA excels in global investment roles. Many professionals pursue combinations (e.g., CA + CFA) for versatility.

Placement & Opportunities After CFA

The CFA designation significantly enhances career prospects in the investment and finance industry. While the CFA Program itself is self-study and does not offer direct campus placements, charterholders and even level completers gain access to high-demand roles through networking, job portals, and recruiter preferences. Employers value the rigorous training in investment analysis, ethics, and portfolio management.

In India, the financial sector’s growth—driven by rising investments, asset management, and global firms—has increased demand for CFA professionals. India ranks as the third-largest market for CFA enrollments globally, with strong hiring in Mumbai, Bangalore, Delhi NCR, and Pune.

Salary Progression by CFA Level

Salaries increase progressively with each level cleared and peak upon earning the charter (after passing all levels + work experience).

Data based on CFA Institute surveys and industry reports (2023-2025). Salaries are higher in global firms and financial hubs.

Key Career Opportunities

CFA opens doors to specialized, high-responsibility roles focused on investments (buy-side/sell-side). Common paths include:

• Equity Research Analyst: Analyze stocks, prepare reports for brokerages or funds.
• Portfolio Manager: Manage client/institutional portfolios at AMCs or wealth firms.
• Investment Banking Analyst/Associate: Valuation, M&A, capital markets at bulge-bracket banks.
• Risk Manager: Assess and mitigate financial risks in banks or corporates.
• Private Wealth Advisor: Manage HNW individuals at private banks.
• Credit Analyst: Evaluate debt issuers at rating agencies.
• Fund Manager/Consultant: Oversee mutual funds or advisory services.
• Corporate Finance/Strategy: Roles in treasuries or CFO offices.

With Level III specialized pathways (Portfolio Management, Private Wealth, Private Markets), opportunities align better with niche areas like private equity or family offices.

Top Recruiters in India

Leading firms actively hire CFA professionals for analytical and decision-making roles.

These firms recruit through campus ties (for integrated programs), job portals, LinkedIn, and CFA Society India events.

Factors Influencing Placements

• Experience: Relevant pre-CFA work (e.g., in finance) accelerates hiring and salary.
• Networking: CFA Society India membership, events, and referrals play a key role.
• Additional Skills: Financial modeling, Python, Bloomberg terminal proficiency boost employability.
• Location: Mumbai offers the highest packages due to concentration of headquarters.
• Combinations: CFA + MBA (from top institutes) or CA often leads to premium roles.

The CFA charter provides long-term advantages, including global mobility and ethical credibility. Many charterholders progress to senior positions like Chief Investment Officer or Partner in funds. For current openings, check cfainstitute.org/career-resources or CFA Society India.

FAQs

1. What is the CFA Program?

The CFA Program is a professional credential offered by CFA Institute, consisting of three levels focusing on investment analysis, portfolio management, and ethics. It equips candidates with advanced skills for global finance careers.

2. What are the eligibility requirements for Level I?

Candidates need a bachelor’s degree (or be in final year), or 4 years of professional work experience, or a combination totaling 4 years. A valid international passport is required.

3. How long does it take to complete the CFA Program?

Most candidates take 2-4 years to pass all three levels. Each level requires about 300 hours of study, plus work experience for the charter.

4. What are the exam fees for 2026?

Early registration is USD 1,140 per level; standard is USD 1,490. Total for three levels: USD 3,420 (early) to USD 4,470 (standard). No one-time enrollment fee.

5. When are the 2026 CFA exam windows?

Level I: February, May, August, November. Level II: May, August, November. Level III: February, August. Exact dates vary; check cfainstitute.org.

6. What are the recent pass rates?

Level I (August 2025): 43%. Level II (August 2025): 44%. Historical 10-year averages: Level I 41%, Level II 45%, Level III 51%.

7. What are the requirements to earn the CFA charter?

Pass all three levels, complete 4,000 hours of qualified work experience (over minimum 36 months), submit 2-3 professional references, and join CFA Institute membership.

8. Is work experience required before starting the program?

No, work experience can be gained before, during, or after the program. It must involve investment decision-making or supporting processes.

9. What scholarships are available?

Access Scholarship (financial need, reduced to USD 400), Student Scholarship (affiliated universities, USD 600), Women’s Scholarship, Professor Scholarship, and others.

10. How many levels are there and what do they focus on?

Three levels: Level I (tools and ethics), Level II (asset valuation), Level III (portfolio management with specialized pathways: Portfolio, Private Wealth, Private Markets).

11. Is the CFA Program self-study?

Yes, it’s self-paced with official curriculum. Many use coaching or third-party prep providers for structured support.

12. What is the Practical Skills Module (PSM)?

A required 10-20 hour online module per level, developing skills like Python programming, data science, or analyst tools.